投融资成本与收益分析070915(7)

工程量快速计算方法

画骞撮噾涓庡勾閲?

姘哥画骞撮噾锛圥erpetuity锛?涓€绯诲垪姘镐笉鍋滄鐨勫潎绛夌従閲戞祦閲忋€?骞撮噾(Annuity) 鍦ㄦ湁闄愮殑鏈熼棿鍏э紝鐩哥瓑闂撮殧鐨勫潎绛夌従閲?娴侀噺銆?

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4.1姘哥画骞撮噾

姘哥画骞撮噾鐨勭従鍊煎叕寮?

PV =

C r

C = 鐝鹃噾鏀粯 鍒╃巼锛堟姇璧勮€呰姹傜殑鎶曡祫鍥炴姤鐜囷級 r = 鍒╃巼锛堟姇璧勮€呰姹傜殑鎶曡祫鍥炴姤鐜囷級

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4.1.1 姘哥画骞撮噾妗堜緥

濡傛灉鍒╃巼鏄?0%锛堣€屼笖姘歌繙涓嶅彉锛夛紝涓?浜嗕互鍚庢瘡骞磋兘鑾峰緱鏀粯 $100,000 鏀?鍏ワ紝鍒欎綘浠婂ぉ蹇呴』瀛樺灏戦挶锛?

PV =

100,000 0.10

= $1,000,000

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4.2 鍏徃浠峰€艰瘎浼颁妇渚?

涓€瀹跺叕鍙搁璁℃湭鏉?骞存瘡骞寸殑鍑€鐜伴噾娴佸叆涓猴細 10 20 30 40 50 鑰岀6骞村紑濮嬫瘡骞寸殑鐜伴噾娴佸叆淇濇寔鍦?0锛屽鏋?鎵€瑕佹眰鐨勬姇璧勫洖鎶ョ巼涓?0锛岃鍏徃鐨勪环鍊间负浣曪紵 浠婂ぉ 鏉ュ勾 骞翠唤0 1 2 3 4 5 6鈥?10 20 30 40 50 60鈥?

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4.2.1 鍏徃浠峰€艰瘎浼颁妇渚?

瑙ｏ細1銆佷互姘哥画骞撮噾鐨勬柟寮忚绠楃5骞翠互鍚?鎵€鏈夌幇閲戞祦鍦ㄨ骞寸殑鐜板€硷紙鍗充互绗?骞翠綔 涓烘姇璧勬湡鐨勮捣鐐癸級锛?0/0.1=600 2銆佽绠楀叕鍙哥幇閲戞祦鐨勭幇鍊硷細 骞翠唤0 1 2 3 4 5 0 10 20 30 40 50+600 娉ㄦ剰锛氳緭鍏ョ幇閲戞祦1=0 NPV=479.08 (鍗宠鍏徃鐩墠鐨勪环鍊?

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4.3 骞撮噾

骞撮噾鐜?骞撮噾鐜板€煎叕寮?

PV = C 1 r



1 r (1+ r )t



姣忔湡鏀粯鎴栨敹鍙栫殑鐜伴噾 C = 姣忔湡鏀粯鎴栨敹鍙栫殑鐜伴噾 r = 鍒╃巼 t = 鏀粯鎴栨敹鍙栫幇閲戞祦閲忕殑骞存暟 鏀粯鎴栨敹鍙栫幇閲戞祦閲忕殑骞存暟 鏀跺彇鐜伴噾娴侀噺鐨勫勾

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4.3.1 骞撮噾鐝惧€煎洜瀛?

骞撮噾鐝惧€煎洜瀛?PRESENT VALUE ANNUITY FECTOR, PVAF) 鈥?涓烘湡t 姣忓勾$1 $1鐨?骞达紝姣忓勾$1鐨勭幇鍊笺€?

PVAF =

[

1 r


1 r ( 1+ r ) t

]

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4.3.2 骞撮噾璁＄畻涓句緥

姣忓勾鏀粯鐨勭粓鍊?浣犺鍒掓瘡骞村偍钃?$4,000锛屼负鏈?20 骞达紝 鐒跺悗閫€浼戙€傚鏋滃埄鐜囨槸 10%锛屽墖浣犵殑閫€ 浼戝笎鎴朵腑鐨勭粓鍊兼槸澶氬皯锛?

FV = 4 ,000

FV = $229,100

[

1 .10


1 .10 ( 1 + .10 ) 20

]

脳 (1+ .10 ) 20

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4.3.2.1骞撮噾璁＄畻涓句緥

涓婁緥 鎸夐敭锛?鎸夐敭锛欳MPD 杈撳叆锛歂=20 EXE 杈撳叆锛?I%=10
EXE PMT=(姣忔湡鏀粯閲戦 姣忔湡鏀粯閲戦) PMT=-40
00 EXE (姣忔湡鏀粯閲戦) PV=0 EXE FVFV-SOLVE FV=229099.998

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4.4 璁＄畻鏀粯鏈熸暟涓句緥

浣犲€熶簡2000鍏冿紝鍒╃巼涓?%銆備綘鍑